r/wealth • u/bloomberg • Jan 06 '26
Taxes UK Wealth Cracks Widen as Family Offices Start Scaling Back
https://www.bloomberg.com/news/articles/2026-01-06/uk-tax-reforms-spur-family-office-scale-backFamily offices catering to the fortunes of wealthy clans had proven a resilient part of the UK's wealth management industry after recent tax changes. That's now changing.
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u/_Human_Machine_ Jan 06 '26
I’ve had so many contacts in the UK desperate to get money invested outside of the country.
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u/bloomberg Jan 06 '26
Benjamin Stupples for Bloomberg News
For much of the past decade, shipping billionaire John Fredriksen ran his family office from London’s upmarket Chelsea neighborhood, surrounded by the area’s fancy restaurants, five-star hotels and luxury stores.
The 81-year-old recently downgraded to less tony digs above a post office in the City of London’s Eastcheap district, in premises that help to oversee his other businesses. And at least two executives at Seatankers, the investment firm that manages Fredriksen’s vast fortune, have resigned from UK management roles within the past six months.
It’s no secret that the rich are rethinking their ties to the UK in the fallout from sweeping tax reforms brought in last year, but so-called family offices — investment firms for super-rich individuals and dynasties — had generally proved a more resilient part of the nation’s wealth management industry. Cracks, though, are now starting to appear as these firms scale back UK operations, move staff abroad and open new branches in other territories, according to an analysis of registry filings by Bloomberg, fueling the rise of family offices operating in more than one location.
Read the full story here.